Bitcoin, Cryptocurrency And Blockchain News

Bitcoin Mining Firms Aim for $1 Billion IPO


Bitcoin Mining is certainly big business. But is it worth $1 billion to a single firm? That’s what Canaan Creative are going to find out as they apply to the Hong Kong stock exchange for an IPO. They could be closely followed by Zhejiang Ebang Communication, who are said to be working on a Hong Kong float.

Who Are Canaan Creative?

Canaan Creative are the world’s second-largest producer of Bitcoin mining chips and equipment, and were valued at around $500 million last year. They sell their products under the Avalon brand, and are only surpassed by Bitmain in terms of market capitalization.

At the moment, everything is being kept under wraps, with neither Canaan nor Zhejiang Ebang issuing an official statement, but IFR Reuters have reported that the IPO could go live as early as July, with Credit Suisse, CMB International, Deutsche Bank and Morgan Stanley acting as main sponsors for the float.

Not the First

DigitalBTC in Australia and Hive Blockchain are other firms that have gone public, but to the tune of far lower numbers. A $1 billion  IPO, if realized, would set records perhaps previously considered impossible in the mining sphere. And Zhejiang Ebang are gambling on a Hong Kong listing proving extremely lucrative, having de-listed from China’s National Equities Exchange and Quotations earlier in 2018, with China still proving a tough nut to crack in terms of regulation.

Do you think a $1 billion IPO is attainable? Let us know your thoughts.